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BREAKING NEWS: Parliament has just approved plans for a copper smelter.
April 28 (source: news.mn ) During Great Khural's morning session, MPs approved plans to build a copper smelter by a vote of 77.4%. No details were given on this article. Details will be promptly distributed as it is known. ... http://politics.news.mn/content/9009.shtml (mongolian)
Amendments to Mineral Law approved by cabinet, set to be introduced to parliament
April 28 (source: news.mn) among these amendments, a new incremental royalty tax ranging from 5% to 10%, increasing on a 1% increment, is included. these increases will depend on the price increase on each commodity. Minister Bayartsogt in a interview gave examples on copper and gold:
Note: OT will be exempt from this change as stated in the Investment Agreement
Mongol-999 has 780 participant companies
April 28 (source: news.mn) Mongol-999, a consortium formed for the purpose of becoming a national operator of TT has 780 companies registered, the article says. On Monday they had 700 companies. Each company will invest a million MNT and become a shareholder. The article also states that the Chamber of Commerce has allegedly given its support to Mongol-999.
April 28 (news.mn) The State Property Committee (SPC) has reconstituted the executive board. The new Directors are: Ch.Gankhuyag, CEO of Tenger Financial Cooperative, B.Bold, CEO of Newcom, Z.Shagdarsuren, General Secretary of the Association of Banks, N.Tsogt, an international lawyer, and three officials from the SPC. D.Boldbaatar of the Mongol Bank and L.Bayaraa from the Ministry of Finance were re-appointed. The SPC wants to get a team of Mongolians who have studied the relevant disciplines abroad to work under the direction of the Board to fulfill the Government directive to develop the country’s capital market.
April 27 (news.mn) The MPRP group of MPs yesterday agreed to discuss in Parliament the draft election law developed by MPs such as L.Bold, according to its head, D.Lundeejantsan. The draft proposes a system of proportional representation.
April 28 (news.mn) The Fraser Institute"s annual survey reveals miners and explorers still believe Mongolia is a nightmare. It is seen as “suffering from endless tinkering with mining laws and regulations, resource-nationalism, creeping expropriation, and non-transparency".
Hopu, Temasek miner taps China Life for $250 mln (reported yesterday)
HONG KONG, April 27 (Reuters) - Iron Mining International, partly owned by private equity firm Hopu and Singapore's state investor Temasek [TEM.UL], has secured a $250 million investment from China Life ahead of its planned Hong Kong IPO.
Iron Mining, which was previously known as Lung Ming Investment Holdings Ltd, owns and operates a Mongolian iron ore mine. The firm has revived plans for a roughly $1 billion IPO, an offering expected to be handled by Credit Suisse (CSGN.VX) and Goldman Sachs (GS.N), four sources with direct knowledge of the offering told Reuters.
... Iron Mining's IPO is scheduled to launch on the Hong Kong Stock Exchange before the end of the year, the sources said. The revived IPO plan comes as iron ore spot prices have soared amid a recovery in steel production.
(Mogi's note: Iron Mining owns 53 percent of Mongolian iron ore mine Eruu Gol. Local partner Dornyn Gobi LLC holds the remaining 47 percent. Previously CIC invested $700mln, Temasek & Hopu $300 mln in Iron Mining International (then Hong Kong Lung Ming Investment Holding.
The National Venture Capital, LLC Teams up with VentureChoice, Inc. to Boost its Investment Activities
Ulaanbaatar, Mongolia (PRWEB) April 26, 2010 -- The National Venture Capital, LLC (NVC) today announced entering into a partnership and joining VentureChoice Investors' Network to broaden its venture investment activities.
Located in capital city Ulaanbaatar, NVC is the pioneer venture capital firm and largest non banking financial institution in Mongolia. NVC provides a unique financing opportunity to regional startups and growth stage companies. ... http://www.prweb.com/releases/2010/04/prweb3911704.htm
Deputy Foreign Minister Alexei Borodavkin Meets with Secretary of Mongolia’s National Security Council Tsgaandari Enhtuvshin
April 28 (Business Financial Newswire) - Mongolia-focused mining firm Lotus Resources has reached a settlement with Habsbur over monies that were contractually due, but not paid, for 7,042,253 shares issued to Habsburg under a subscription agreement.
Canadian Stocks Decline as S&P Cuts Portugal, Greece Ratings
April 27 (Bloomberg) -- Canadian stocks fell for the first time in seven days after energy and financial companies dropped as Standard & Poor’s ratings cuts spurred concern that debt defaults in Europe will slow economic growth.
... Ivanhoe Mines Ltd., which is building a copper and gold mine in Mongolia, sank 6 percent to C$16.73. The Asia country put a freeze on new mining licenses and transfers of existing permits. ... Gold producers helped the S&P/TSX avoid a further dive as investors looked for an alternative to holding currencies. The metal advanced to a two-week high. ... http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aiIbDpNd3Zv0
MCC 2009 net meets forecast, Q1 net up 24 pct
HONG KONG, April 28 (Reuters) - Metallurgical Corp of China (MCC) (1618.HK)(601618.SS), a construction and engineering firm, on Wednesday met analyst forecasts with a 42 percent profit rise for 2009, and said it will look to overseas expansion to help drive revenues this year.
... MCC said it would use part of its IPO proceeds of about $5.12 billion to pay for mining rights in Afghanistan, Argentina and Pakistan, and for iron and steel projects in Australia, India, Vietnam and Mongolia. ... http://uk.reuters.com/article/idUKTOE63Q04Y20100428
S3 Investment Company Announces Monseka Mining Corp. as New Redwood Capital Client
DANVILLE, Calif., Apr 28, 2010 (GlobeNewswire via COMTEX) -- S3Investment Company, Inc. (Other OTC:SIVC) today announced that the newest client of its wholly owned Redwood Capital subsidiary is Monseka Mining Corporation, which was founded to become a world class multi-mineral provider focused on the production of tungsten, tin, molybdenum and bismuth. ... Monseka Mining, which has a successful track record analyzing mines for major mining companies in Mongolia, Australia, Indonesia, Papua New Guinea, and Vietnam, ...
Mongolian chess master beats World No.1 Koneru Humpy
ULAN BATOR, April 28 (Xinhua) -- Mongolia chess player Mongontuul Batkhuyag defeated current world number one Koneru Humpy from India in the second round of a third stage of the Grand Prix of World Chess Federation (FIDE) in Nalchik city, Russia, the MONTSAME said on Wednesday. ... http://news.xinhuanet.com/english2010/sports/2010-04/29/c_13271904.htm